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CSFSRIGHT DEPOSE 



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Entered according to Act of Congress in the 
office of the Librarian of Congress at 
Washington, 1883. 



HOW TO WIN 



-AND- 



HOW TO LOSE. 

A practical treatise on speculation 



By the Author of 



SPECULATION as a SCIENCE 



AND 



TRADE and SPECULATION, 



The principles laid down in this book have been 
recognized for many years by the leading 
Speculators and Bankers of Europe and 
America, as the " Golden Rules " for suc- 
cess in speculation. 



PRICE ONE DOLLAR. 



CHICAGO. 
1883. 




INDEX. , f4 



Introductory, 1 

General Remarks,— Speculation as a business,— 

Wrong Method,— Luck. 5 

Is Speculation Unsafe,— Qualities required for 
a good Speculator,— Judgment, — 
Courage,— Cautiousness,— Taking 
Advice,— Ricardo. 5-6 

Calculation of chances,— Two Methods of Spe- 
culation. 7-8 

Rule 1st,— Not so Easy,— Regulating profits and 
Losses,— When and How Often to 
to Deal. 8-10 

Rule 2nd, — Investment Plan, — Opportunities,— 
Requisites —What to trade in,— 
Explanation. 11-13 

Buying and Selling,— On Large Crops,— Small 

Crops —Average Crops. 14-15 

—Example of How most men Oper- 
ate, — Prevailing Method,— Over- 
trading . 16-17 

Pointers,— Corners, — Corn,— Oats,— Pork,— Lard. 18 19 

Stocks,— And how they should be worked. 19 

Oil,— Under Rule 1st— a proti table article. 20 

Causes of Fluctuation— Stocks,— Crop Reports,— 
Manipulation,— Long or Short In- 
terests — Wars, — Tight Money, — 
Failures,— Exhaustion of Margins. 20-22 

Feeling the Ularket,— Aids in Reading it,-What 

is a Good Chance. 22-24 

Bucket Shops,— The Principle upon which they 
work, — How to Operate in them — 
When ar.d How Often to deal. 25- 26 

Predominating Influences during certain 
months. 

Chance or Fortune. 

How to Plan for a true speculation. 

What is a paying business. 

Miscellaneous. 

Chicago Statistics. 

New York Stock Statistics. 



INTRODUCTORY. 



The philosophy which affects to teach ns 
a contempt of money does not run very deep : 
for, indeed, it ought to be still more clear to 
the philosopher than it is to the ordinary 
man, that there are few things of greater im- 
portance. 

So manifold are the bearings of money 
upon the lives and characters of mankind, 
that an insight which would search out the 
life of a man in his pecuniary relations, would 
penetrate into almost every cranny of his 
nature. 

A short experience is sufficient to convince 
any one that you cannot learn too much 
about either speculation or trade; while en- 
gaged in the latter, as a means of livelihood, 
most men indulge more or less in the former, 
and, having very little knowledge of its prin- 
ciples, they generally fail. Impressed with 



2. 
these facts, I determined to lay down in this 
book, such general rules and landmarks as 
will serve as a guide to investments of this 
kind. 

Whether my attempt will be a happy one, 
I cannot say : but if it serves to reduce the 
amount of reckless hap-hazard speculation, 
which is prevailing to-day, and leads to the 
adoption ot a more moderate, reasonable and 
infinitely more profitable mode of operating, 
I will be satisfied. 

A modern writer very aptly says : "Inde- 
pendence is certainly obtainable by adhering 
to certain well defined laws; but all that can 
be done by any one towards acquiring wealth, 
is to place himself in the way of favorable 
junctures and make himself ready for their 
approach: to decry opportunities at a dis- 
tance and keep his eye steadily upon them 
and when the time comes lay fast hold, and 
never let go : and secondly not to turn aside 
the favorable train of circumstances that 
may have been laid for him, by wilfulness, 
imprudence and unskilfulness." 



All that can be done by books, (and it is all 
that need be done,) is to aid the judgment 
in distinguishing appearances, and to collect 
together those principles which have general- 
ly resulted in good fortune, and those which 
have led to ruin. 

GENERAL REMARKS. 



Chapter 1. Experience being a thorough 
teacher, its lessons are not easily forgotten, 
though a great many such lessons are need- 
ed by the average speculator. Where it re- 
quires the expenditure of dollars in any other 
business, hundreds and thousands are spent 
in learning the art of speculation. 

Not one of the many who have spent a 
life-time in this business, has seen fit to give 
to the world the benefit of his experience. 
In doing so I know that it will save both mon- 
ey and reputation to those who act upon the 
principles laid down in this work. 

SPECULATION AS A BUSINESS. 

Speculation is as much a business requir- 
ing study and care as any so-called legitimate 
business. All other avocations have certain 



4. 

well denned laws to govern them, and why 
not speculation ? What sensible man would 
undertake to carry on a mercantile or man- 
ufacturing industry without first acquiring 
a knowledge of its principles, its intricacies, 
and the laws which govern it ? Such an at- 
tempt could have but one result. Of the 
thousands who speculate very few can be 
found who have the remotest idea of its laws: 
still they wonder at their ill-success. You 
must either buy or sell to make a fortune,or 
one chance in your favor and one against 
you. Half of those who speculate ought to 
succeed, but not one in ten does. Therefore 
is it not evident to all that there is something 
very wrong in our mode of speculation,when 
with even chances so few succeed? 

WRONG METHOD. 

There is something foundamentally wrong 
in the common manner of speculation. There 
is very little truth in the saying that suc- 
cess is simply "luck" for nine times out of 
ten it is the result of study and calculation 
or the working of a well defined rule or plan. 



LUCK. 

There are many thoughtless men who de- 
cry all attempts to operate systematically. 
"A child can operate as well as we" they 
say. Judging from the usual results of their 
transactions, it is evident a child could not 
do much worse. 

IS SPECULATION UNSAFE? 

Chapter 2. Speculation by the common 
method is decidedly unsafe, and the wonder 
is that any one succeeds: when worked syste- 
matically, no business can be more safe or 
more fruitful in its result. 

QUALITIES REQUIRED FOR A GOOD SPECULATOR, 

It tests a man's resolution and self-reliance 
to tha utmost at times, as you are continu- 
ally called upon to act contrary to appear- 
ances, and very often contrary to your in- 
clinations. 

JUDGMENT. 

Infallible judgment no one can have, but 
the closer the study and calculation, and the 
less you are influenced by temporary condi- 
tions, the more accurate is your judgment. 



6. 

COURAGE. 

This quality is required to enable you to 
act decisively when your judgment dictates, 
and not to waste precious moments in tri- 
fling doubts and .delays. 

CAUTIOUSNESS. 

An attribute which gives the necessary 
prudence and renders you careful in coming 
to conclusions. 

TAKIKG ADVICE. 

I have seen a shrewd operator intent upon 
carrying out a well studied plan, completely 
paralyzed by a chance or ill-considered re- 
mark of a bystander favoring an opposite 
course to his own. Such a man cannot be- 
come a successful speculator. 

RICARDO. 

The shrewdest operator ever known on the 
London Stock Board, was Eicardo the Jew, 
who amassed an enormous fortune. In ad- 
vice to a friend he sums up-as the true secret 
of his success, the Eule, every word of which 
is golden. " Keep down your losses-never 
let them get away from you. Let your pro- 
fits take care of themselves. ,, 



7. 

CALCULATION OF CHANCES. 

Chapter 3. No human being can tell to- 
day, what prices will be to-morrow. Ordin- 
ary speculation is simply a game of chance. 
To explain clearly my system under Eule 1st, 
take for example a square spinning top-with 
four sides painted each red, white, blue and 
black. You are to win if red turns up, or lose 
on theothers;one chance in four of winning,or 
three against one. No matter how fortunate, 
in the end yon lose, it is the immutable law of 
chance. If you win on red and white-your 
chances are even-two against you and two in 
your favor, ultimately you will come out 
even. If you win on red, white and blue- 
with three chances to one in your favor you 
will inevitably win. This is simply the com- 
mon rule of chance, and as speculation from 
day to day is chance,you must apply this law 
and see that it is applied with chances in 
your favor. Strange as it may seem it is 
nevertheless true, that nearly all men oper- 
ate with one chance in their favor to three 
or more against them. This is why most 



8. 

operators lose in the long run. The oppo- 
site course is the system explained in Eule 1st 

TWO METHODS OF SPECULATION. 

There are two correct methods of opera- 
ting-one by Kule-being for short turns 
generally, the other based upon statistical 

lculation, and being for longer deals, run- 
ning for periods of 1 to 6 months or longer. 
RULE 1st. 

Chapter 4. Cut short your losses. Let 
your profits run on. 

When a deal is going against you, close it 
at once, from J to l£c. is sufficient to pay 
for the chance you had : await another op- 
portunity, you may lose again and again. 
Take your small losses complacently, for 
you are sowing the seed and will gather the 
harvest. 

Let your profits run on. 

When you find you have struck the mark- 
et right, be in no hurry to close. Prefer all- 
ways to see the market react and give you 
a small loss, rather than a small profit. This 
tendency in human nature, to jump at tri- 



9. 

fling profits is what keeps down the profit 
account. Avoid it as you would a plague, 
for if you yield you will certainly be ruined 
in the end. 

This is the prime rule in speculating. It 
is working the law of chances in your favo? 
You are paying £c. for the privilege of 
making 1 to 3c or upwards. You have but 
resolutely to pursue it and you will win. 

NOT SO EASY. 

It is not so easy at first to follow this rule 
as one might suppose. You will have to 
combat strenuously that impulse, present in 
everyone, urging you to act according to 
what I have pointed out as u the common 
method of speculation." You will find it 
hard to see a small profit dwindle away, un- 
til you are finally compelled to take a small 
loss. It will try your resolution, to close out 
a deal at a loss, and almost immediately see 
a reaction in your favor. These things will 
constantly occur and you must nerve your- 
self to meet them. 



10. 

REGULATING PROFITS AND LOSSES. 

Regulate your gains and losses so they will 
stand in the right proportion. Losses may 
be taken as low as \ and I of one cent, and 
profits not under Jc. The greater ratio in 
your favor the more you will make : be gov- 
erned entirely by the condition of the mark- 
et. If very dull, with slight fluctuation, 
chances as two to one will do. If market is 
active, play for more money; say f loss to 1 J 
profit. 

When Traders are away from speculative 
markets, and cannot watch prices closely, 
they must deal less frequently, take larg- 
er losses and look for larger profits. Keeping 
always in view the proper ratio of chances, 
subjecting its extent only to the condition 
of the market. 

WHEN, AND HOW OFTEN TO DEAL, 

To those present "on Change " once or 
twice a day is quite sufficient: in case your 
judgment is wrong it will probably be wrong 
all day and it is better to await another op- 
portunity. 



11. 

To those away from " Change" a broader 
view of the situation should be taken, calcu- 
lating not so much as to the fluctuations of 
a day, but for longer periods. 
RULE 2nd. 

Chapter 5. When prices are low, buy ; 

when high, sell ; statistics will show the 
proper time to sell or buy. If market goes 
against you, reduce or raise your average 
price by further purchases or sales. 

INVESTMENT PLAN. 

This method we would recommend to 
those desiring a good investment-with se- 
curity fully as good as can be found in any 
ordinary business-and yielding at least 100 
per cent on the money invested. 

OPPORTUNITIES. 

Opportunities do not occur more than four 
or five times a year. 

REQUISITES. 

The prime requisites in this mode of specu- 
lation are judgment and patience. The 
judgment to be formed by the careful study 
of statistics, and the exercise of the latter 
important quality enabling you to wait with 
calm confidence the outcome of your deal. 



12. 

WHAT TO TRADE IN 

Wheat is beyond question the safest spe- 
culative article in which to trade, as there 
are certain well defined limits or ranges of 
values, except in extraordinary years which 
are rare. Oat values are also pretty well 
outlined. Good dividend stocks are to be 
recommended. 

EXPLANATION. 

Taking wheat in Chicago or any Western 
market, you can safely place the lowest price 
of years at 85c and the highest at $1.40--an 
average of 112£. No matter how large the 
crop, a purchase at less than $1.00 is sure to 
result in a large profit, as prices will almost 
inevitably work up again to near the aver- 
age value of 112 J, before the season is over. 

GENERALLY SPEAKING 

No one with nerve and sufficient margin 
money need have any fear of losing on wheat 
bought below 112£. 

AVERAGE CROPS. 

Will put prices to about 1.00 and short 
crops to not much under the average price 
of 1.12 J. 



13. 

Therefore, with money in hand, never take 
a loss on wheat bought at 1.12, but prefer to 
buy more at the decline. 

Take the month of "April," with wheat 
at say 1.10. If the general tenor of crop re- 
ports indicates a poor crop of wheat, the 
following plan insures at least 100 per cent 
profit. Buy 1000 bu. at 1.10-margins $200. 
If market declines to 1.05-buy 1000 more, 
margins $150: If still further decline buy 1000 
bu. at each 5c decline. Average crops will 
rarely see price below 1.00-but hold margins 
sufficient to cover to 90c, and do not fear 
the result. It will certainly net you 100 per 
cent. It places you in the enviable position 
where-after the first purchase-you are 
equally glad to see the market go up or down* 
one shows an immediate profit, the other a 
prospective but much greater one by allow- 
ing purchases at lower figures. Average 
crops will put values up to 1.20 or over. 
Short crops up to 1.10 during the season. 



14. 

BUYING OH LARGE CROPS. 

Chapter, 6. On large crops, begin buying 
below 1.05, the lower the better: low prices 
make very dull markets and often try the pa- 
tience of the speculator to the utmost perhaps 
for months. There is a point below which 
farmers and speculators will not sell. The 
common saying that prices have a bottom 
but no top, is a very true one. 

SELLING ON LARGE CROPS. 

With brilliant prospects for a large crop, 
particularly after a short one and when pri- 
ces are high, sales of the new futures at 
$1.05 or over, is a very profitable transaction. 
Never go short under $1.00. 

BUYING ON POOR CROP PROSPECTS. 

If outlook during the spring months is bad, 
purchases near the average price of 1.12J or 
up to 1.20 are profitable. During such a 
year " corners " and u squeezes " will prevail 
and values range up toward $1.40. Keep 
your deals as near by as possible, and if you 
have the ready money buy the cash wheat 
outright. You will then get the benefit of 
all the corners. 



15. 

SELLING DURING A SHORT CROP YEAR. 

Selling on short crops--unless at very high 
prices-is precarious. The natural tenden- 
cy is upward, and there is the constant fear 
of manipulation. Therefor, if you wish to 
sell, choose an option far ahead. With 
nothing but commercial causes to influence 
prices, sales begining at 1.30 will eventually 

pay- 

AVERAGE CROPS. 

Buying and selling on average crops, can 
be based upon 1.00 and 1.25 as the minimum 
and maximum prices. 

SELLING AND BUYING. 

Prefer to sell always on a strong market. 
Beware of selling after a severe decline has 
taken place. The same principle applies in 
buying. A man away from speculative 
markets, but ordinarily well posted, is as 
well, if not better, able to judge of the mark- 
ets as the Commission Merchant present on 
the floor of the Exchange. Bear this in 
mind and do not place too much reliance on 
the opinion of your Broker, but be guided 
by your own judgment. 



16. 

HOW TO LOSE. 

Chapter 7. Neglect the simple laws of 
speculation and you will fail. Pay more for 
your goods than you sell them for. In other 
words pay largely for losses, accept small 
profits and you will soon learn 'how to lose' 
in the long run. 

EXAMPLE OF HOW MOST MEN" OPERATE. 

Suppose you buy wheat at 1.30, and as 
usual jump at the first profit, say lc per bu- 
shel, you feel slightly elated, and look about 
for another opportunity. It is like the faro 
dealer allowing his victim to win the first 
small stake in order to lure him to play 
heavier. You buy again, and again close at 
a slight profit; several times you will do this 
if you are lucky ,but as you stand even chanc- 
es of missing it, you will soon find yourself on 
the Ivrong side. Do you close out then at lc 
loss? no, you hold on waiting for a favorable 
turn. Tour loss increases from one to three 
and to five cents, still you hope for the best, 
and it is a forlorn hope, as you are fighting 
fearful odds. Willing to risk five cents, hop- 



17. 

ing to make one cent. Continue this, the 
common method of speculating, and you will 
become a bankrupt. Stop but a moment to 
think, examine your account purchases and 
sales, and note the big losses and trifling 
profits, and you will see How to Lose. 

PREVAILING METHOD, 

To show the prevalence of this mode of 
speculating, it is a well authenticated facb y 
that if a commission merchant on Change 
was to accept all trades of his customers on 
his own responsibility, paying them their 
profits and pocketing their losses, the mer- 
chant would come out ahead, even though 
he had no choice in the trading. The custom- 
ers without exception closing their trades 
on small profits, but standing by their deals 
in case 'of loss. Universally unwilling to 
lose one dollar, preferring to risk five in the 
attempt to save it. 

OVERTRADING. 

Taking larger deals than you are able to 
carry through is a very common error, and 
has ruined many. A small deal can almost 
in any case, having sufficient money to back 



18. 

it, be gotten out of at a profit. With §500 
margin, invested under rule 2d, more money 
can in the end be made by dealing in 1000 
bushel lots, than in 5000 bushel lots, as you 
are almost absolutely secure with your small 
deal, no matter how great the fluctuation. 

Therefor, prefer always a small deal, 
small profit and small risk, to a large deal, 
great risk and prospect of large profit. 

POINTERS. 

Chapter 8. Money is very often lost on 
"Pointers" furnished to the unwary as com- 
ing from a powerful clique controlling prices. 
Reports of this kind are as unreliable as 
they are seductive, and have wrecked many 
shrewd operators. 

CORNERS. 

Getting caught in a u Corner " is a very 
unpleasant way of losing money. By ad- 
hering to Eule 1st you will get the benefit 
and avoid the loss during such a manipula- 
tion. When you are caught in a corner, get 
out at once, the sooner the better. 



19. 

CORN. 

Prices of corn have been so irregular the 
past few years that statistical calculation re- 
garding future prices is almost out of the 
question. Eule 1st is therefore recommend- 
ed. 

OATS. 

There being comparatively so little fluctu- 
ation in oats, we can safely advise working 
either rule. In going short it is best always 
to choose the option farthest off, as occasion- 
ally imlooked for " squeezes" occur. 

PORK AND LARD. 

These articles are so completely under the 
control of leading Packers, that for safety 
we advise Eule lat. When Pork is active it 
is an exceedingly profitable deal to work 
under Eule 1st. Ten to Fifteen cents loss is 
sufficient. 

STOCKS. 

Dividend stocks can be worked under both 
rules, others under Eule 1st. Considering the 
amount of margins required in most 
cases, and the uncertain condition of some 
leading stocks, Eule 1st is generally prefer- 
able. 



20. 

OIL. 

Oil speculation should be worked under 
Rule 1st, and by rigidly adhering to the same, 
you will find it a very lucrative article to 
deal in. Regulate your profits and losses 
according to the condition of the market. 
CAUSES OF FLUCTUATION IN GRAIN, Etc. 

Chapter 9. The extent and quality of 

the crops more particularly in this country 
and following closely in importance those of 
Europe give the basis to prices. Crops of 
different grains as well as root crops, have 
a reciprocal influence in establishing the true 
value of any commodity. 

Stocks of grain in stora at principle mark- 
ets, also daily receipts and shipments exert 
a steady but strong pressure. Damage to 
grain in store, by heating or by weevil, etc., 
often causes much alarm and rapid fluctua- 
tions. 

Changes in Eail and Ocean Freights. 

Crop reports, always a very exciting cause, 
particularly with wheat during spring and 
summer months. 

Manipulation, a powerful and generally 
successful agency. 



21. 

LONG OR SHORT INTEREST. 

The extent of the unorganized Long and 
Short interests being always an unknown 
quantity,is the more to be feared. While it is 
rarely, if ever, the primary cause of any 
fluctuation, it is an irresistible power when 
once alarmed, by a strong movement of 
values up or down. The wildest and most en- 
ormous fluctuations known to the trade find 
its energy in the frightened efforts of the los- 
ing crowd to close out their deals. Organized 
and powerful, the long interest in particular 
hold the opposite party completely at its 
mercy. WARS . 

Wars, and more often rumors of war, 
create consternation in the ranks of the 
Shorts, and wide changes ensue. Such ru- 
mors are more or less current every spring, 
are often started by interested parties, and 
generally little reliance should be placed in 
them. Effects of war on the market are so 
generally discounted before the actual de- 
claration of war, that when that event takes 
place prices have usually reached the top 
and are desending with great rapidity. 



22. 

TIGHT MONEY. 

Scarcity of money-generally in the win- 
ter months, and caused by the accumulation 
of produce at the commercial centres of the 
country-has a depressing effect on prices. 

FAILURES. 

The failure of grain houses and closing 
out of their trades, also the suspension of 
large monied firms or institutions has a de- 
moralizing result. 

EXHAUSTION OF MARGINS. 

TV hen markets after a periodof dullness, 
advance, or decline, sufficient to nearly con- 
sume the ordinary margins of operators, viz : 
five cents on grain, etc., a still further move- 
ment of values in the same direction maybe 
looked for, as with exhaustion of the usual 
margins' large lines are closed out on the 

market. 

FEELING THE MARKET. 

Chapter 10. Like a thing of life, the 

markets have their periods of vigorous 

health and wasting sickness. Now full of 

energy, advancing upward, gaining strength 

from every seeming obstacle, until reaching 



23. 

the summit and in the very prime and vigor 
df life, and when least expected, comes the 
collapse. Every element of strength now 
becomes one of weakness,and as decay is more 
rapid than growth, as it is harder to build 
up than to pull down, so is the reaction and 
decline more sudden and rapid than the ad- 
vance. As a physician watches the pulse, 
the tongue and the eye of the patient, -so 
must the operator watch the various causes 
which influence prices, and thus form his 
judgment. 

AIDS I>~ READING THE MARKET. 

In a general advance prices will usually 
move upward for three days, then after a re- 
action, if causes favor, the advance will con- 
tinue, with occasional halts. The end of 
such a movement comes after a day or two 
of strength, ending in a strong whirl upward 
of one to three cents, closing for the day at 
a marked decline of 1 to 2 cents from the 
highest point. Selling is now in order, ac- 
cording to Rule 1st. The same general 
principles apply in case of a Bear movement. 



24. 

In explaining the reasons for the similarity 
in all movements of this kind, bear in mind 
that the primary exciting cause may arise 
from any of the usual disturbing influences. 
Prices may be strengthened J to 1} cents 
the first day, next morning a few nervous 
shorts begin to cover, causing further ad- 
vance. The greater the rise the more Shorts 
become frightened, until, with frantic haste, 
and aided by those whose margins are ex- 
hausted, they rush in to cover at any price, 
and you have the final whirl upward to the 
end of the boom; then when prices appear 
strongest, with rumors of u corners " and 
" squeezes" on every side, the bubble bursts 
and prices recede more rapidly than they 
advanced. 

TRUTH OF THE MAXIM. 

You will note in the above description, the 
foundation for the familiar maxim, that the 
market is never so strong as when near the 
top, nor so weak as when near the bottom. 

WHAT IS A GOOD CHANCE. 

Watch carefully the indications. If mark- 
et appears to be near top begin operations. 



25. 

Sell, if you find you have missed it, close out 
and wait. Strike again and again when you 
find an opportunity. Close out sharply when 
you miss, and let it stand when you have 
struck it right. Never hesitate to take a 
loss, and never take a small profit, always 
stand ready to risk J cent to make 2 cents. 
BUCKET SHOPS. 
Chapter 11. Bucket shops, with their 
practice of always coming out ahead, seem 
an enigma to most people. How they can 
give you the choice, either to buy or sell 
and finally win your money does appear 
strange until you watch the Traders indus- 
triously crediting themselves with i pro- 
fit on this deal, I on that one and J on 
another, and finally missing and giving up 
1 to 2 cents loss. Playing with enormous 
odds against themselves, the Traders in ac- 
cepting i profit have to win eight times to 
even up one loss of 1 cent. Working Eule 
1st taking f loss and J to 11 or more profit, 
trading not more than twice daily you can 
beat any Bucket Shop in time. I have 



26. 

known $10,000 to be made out of Bucket 
Shops in this manner; it is simply playing 
at their own game, with the choice of the 
market in your hands. 

TIME OF DAY TO OPERATE. 

Make a deal at the opening; if you hit it 
right you can probably make J anyway; as 
it is rarely that a smaller fluctuation occurs. 
The moment this deal shows | loss close it. 

Another plan and safer one is to wait until 
prices have advanced or declined or £ up- 
ward according to the activity of the mark- 
et, and then play for a reaction. Follow this 
method and rigidly adhere to Eule 1st and 
you will make money. Operate twice a day 
and no more. Do not dabble in too many 
articles. Closing out all deals at night is 
not a bad plan, and beginning afresh in the 
morning. Bucket Shops also have a faculty 
of disappearing between sun-set and sun-rise, 
and the above methods will prevent your 
being a sufferer in such a case. 



27. 
PARTICULAR DAYS AFFECTING PRICES OF GRAIN. 

Many operators look for strength or weak- 
ness on certain days of the week: when 
there are no other active influences at work 
it occurs often enough to warrant giving the 
matter attention. 

Monday, generally an active day and 
gives more or less tone to markets for the 
week. 

Tuesday, usually a weak day-occasioned 
by the marketing of receipts for two days, 
viz : Sunday and Monday. 

Wednesday, firmer. 

Thursday, stronger. 

Friday, a. m., strong, p. m., weaker. 

Saturday, dull and lower, caused by the 
lack of shipping orders and general disincli- 
nation to trade and leave deals open over 
Sunday. 

PREDOMINATING INFLUENCES. 

Chapter 12. January and February are 
usually dull months. The outcome of the 
crops of the previous year has been closely 
figured and discounted ; it is yet too early for 



28. 

rumors about the condition of the coming 
crops to affect prices, so there is little to im- 
fluence values except it be manipulation. It 
is as it were a period of rest preliminary to 
the active work during 

MARCH, APRIL AND MAY, 

when crop and weather reports rule the 
markets. European political rumors are 
generally prevalent with their usual effect 
on prices. 

JUNE, JULY, AUGUST AND SEPTEMBER 

are the harvest months for most of the wheat 
states, and determine the outcome of the 
crop, which, if large, gives us enormous re- 
ceipts and forces prices below their true 
value. If outturn is below the average, spe- 
culators and scared Shorts send values whirl- 
ing upward. 

OCTOBER. NOVEMBER AND DECEMBER 

usually give either the highest or lowest 
prices of the season, as the crops are poor 
or good. Corn crops are now gathered, and 
the attention of speculators is attracted to 
this grain, and wheat is comparatively neg- 
lected. 



29. 

CHANCE. 

Chapter 13. Chance or fortune occupies 
a wide portion of the field in all business en- 
terprises. It is that which may or may not 
happen. Chances are figured to a nicety in 
Life Insurance business, and in Fire and 
Marine Insurance as well. Based upon sta- 
tistics. companies know what prices to charge 
to make the business profitable. As soon as 
rates are cut below a certain figure, so that 
the ratio of chances is against them, they 
know they are playing a losing game and 
will ultimately fail. 

Speculation is looked upon as being so 
much more risky than other avocations 
cause its results are more sudden and start- 
ling, though not one whit more disastrous. 
Statistics show that ninety-five out of one 
hundred men fail in mercantile ' life. The 
proportion is not greater among speculators: 
quicker action is obtained whether it be fa- 
vorable or unfavorable, and it does not take 
five or ten years time to find that you are 
playing a losing game. 



30. 

HOW TO SPECULATE. 

1st. Decide first upon your plan : whether 
Eule 1st or 2nd. 

2nd. Be careful in the choice of your 
Broker : You do not wish to risk 
the solvency of your Broker in ad- 
dition to your chances in the market 

3d. In giving an order under Eule lst,al ways 
place a limit to your losses : Neg- 
lecting to do this is too much like 
signing a bank cheque, and allow- 
ing another to fill in the amount. 

4th. Ignore entirely others opinions: Eest 
assured they know no more than 
yourself. If you are operating un- 
der Eule 1st, you know your loss 
will be trifling : If under Eule 2nd, 
and you have fully calculated your 
deal, you know you cannot but win, 
therefore stand your ground. 

WHAT IS A PAYING BUSINESS? 

If moderate retail merchants clear $1000 
yearly, they are doing extremely well. 
Wholesale merchants and others do well to 



31. 

clear from $1000 to 85000. Xow if a man 
makes speculation a business and conducts it 
on business principles, he must at once lay 
aside the ruinous idea that he is to make a 
fortune at once. That while mercantile prof- 
its are slow, speculative ones are quick and 
enormous. This is an extremely erroneous 
and fatal belief. Tou are simply transfer- 
ring business rules from trade to the field of 
speculation. You have hard work and hard 
study at intervals; you have much leisure 
time; your profits will undoubtedly be grea. 
ter and your expenses less. But beware of 
throwing aside that coolness, that calculation, 
that constant watchfulness and study, so 
necessary in every sphere of successful life. 
Remembeiythere are three hundred working 
days in the year, and thousands of opportuni- 
ties, so never rush blindly into a deal and 
never nurse a vain regret over a lost chance. 

MISCELLANEOUS HINTS. 

New winter wheat, in early seasons, begins 
to arrrive in Western markets about the 20th 
of June. The movement is very limited 



32. 
however, until the second week in July. In 
late seasons there is very little movement 
before July 10th. Spring wheats are four to 
six weeks later. 

New oats appear in August ; New corn in 
November. 

When prices are high, speculative and 
shipping demand is good : When low, the 
reverse is true : Hence, the inducement to 
speculate in the one case and the disinclina- 
tion in the other. 

The tendency of prices of commodities is al- 
ways toward the level of their true value-like 
the pendulum of the clock-they sway back 
and forth, but ultimately rest at the truth. 

Changes in Rail freights are generally 
made in the spring and winter ; an advance 
on December 1st, and a reduction April 15th. 

Railroad wars and cutting freight rates 
occur during seasons of short production, 
and result in enhancing western and depre- 
ciating eastern prices. 

WHERE TO OPERATE IN GRAIN. 

The smallest deal on the New York Ex- 
change is 8000 bushels, other large markets 



33. 

5000 bushels, except Toledo and Detroit 
where 1000 bushel lots are traded in. 

Chicago is the speculative centre for Pork 
and Lard trading. 

In going " short " for a long turn, prefer 
a market where squeezes and corners are 
rare, viz : Toledo, Detroit and Baltimore. 
" Corners " are not so plenty, as is the at- 
tempt at manipulating prices up or down by 
continued buying or selling, and circulating 
rumors of all kinas, and in various ways en- 
deavoring to create alarm, in order that they 
may realize on their trades after the desired 
effect has been produced* 

RUMORS. 

It is singular, the number of rumors that 
become current, some of them of the most 
preposterous nature, but all having more or 
less influence. More corners are unearthed, 
more wars are fought, more crops are ruined, 
and more dire disasters are reported on the 
leading exchanges of the country in one year, 
than would fill a volume. 



34. 

An operator, who, at the end of the year, 
can show the debit side of his ledger con- 
taining none but small losses-no matter how 
many of them-is on the high road to riches: 
and one who can also show on the credit side 
that he has never allowed himself to take a 
small profit, will be able to show you a big 
amount to his credit at the bank. 

During the short crop year of 1881-82, 
corners were continually worked in Chicago, 
and to a lesser extent in New York and other 
cities. The first one in Chicago was in 
August, 1881, one in April, another in June, 
a third in July, a fourth in September, 1882 # 

Never attempt to carry out a plan based 
upon Eule 2nd, with a large deal on your 
hands to start with, unless you have a big 
sum of money to carry it through. Never 
let anyone persuade you to put off closing a 
bad deal, in hopes of a reaction. Always en- 
deavor to go with the current of the market' 
and not to work against it. 



35. 

When the weather is the ruling power in 
the market, watch the weather indications; 
if it be receipts and shipments.or the stocks in 
sight, try to forestall the public reports by pri- 
vate investigation. In short, as there is some 
one of the many fluctuating causes always 
predominent, strive to forestall any change, 
and play the market according to Eule 1st. 
Such chances also come with political chang- 
es, as Presidential elections, changes in finan- 
cial methods, in tariffs, etc. when by risking 
Jc two or more cents can be made. 

cowuyioai advice Faoan friends. 

to be listened to but never acted upon. 

" Better take your little profit while you 
have it. No one without nerve enough to 
hang to their deal will ever make money. 1 
have a "pointer" from Chicago and a dead 
sure thing. Don't take your loss until to- 
morrow as there may be a turn in your favor. 
My Broker has always been right." 



36. 

CHICAGO CHARGES. 

(REGULAR BOARD.) 

Wheat — commissions \ — margins 5c bush. 
Corn, " I " 3 to 5c " 

Oats, " I "3 to 5c " 

Pork, « 5c bbl " $1.00 bbl. 

Lard, " 10c tierce " 2.00 tierce 

Chicago Open Board charges one-half of 
above rates on Grain. 

All Eegular Boards in other cities, same 
rates as Chicago Eegular Board. 

Margins are required to be deposited be- 
fore orders are executed. 

Additional margins are called for if mark- 
et changes require it. 

Commission merchants have the right to 
close deals, unless margins are kept good. 

A full margin of 10 cents per bushel above 
or below the market price may be called on 
all Boards, but it is rarely done. 



as 
12 



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38. 



Highest and Lowest prices of regular No. 2 Wheat each month 
for 6 years.— Highest $1.77, May 1877. Lowest .77, Oct. 1*78 



11882 

i 


1881. 1880. 


18T9 


1878. 


1877. 


Per bu. 


Per bu. Per bu.jPer bu. 


Per bu. 


Per bu. 


January. 


$1 35} 

1 25} 


$1 00 SI 3£J 
95} 1 15J- 


$ 87} 
81} 


$1 09£ 
1 01 


$1 31 
1 23} 


Februa'y 


i m 

1 20 


99J 1 25} 

96J 1 18} 


93J 

85} 


1 11} 
1 01} 


1 32} 

1 20} 


March . 


1 36 
1 22 


1 08} 1 25} 
9S} 1 14} 


96} 
88} 


1 12} 
1 03} 


1 28} 
1 21 


April.. 


1 42 
1 32 


1 05| 
99} 


1 15f 

1 07 


93£ 
83} 


1 14 

1 05} 


1 75 
1 25} 


May . 


1 29 
1 23 


1 12} 1 18} 
1 01 1 12 


1 02} 

90} 


1 13 

98 


1 77 
1 40} 


June ... 


1 36 
1 25 


1 14}| 1 14 
1 06} 88} 


1 07 
1 01 


1 00 
87} 


1 55} 
1 41 


July . . . 


1 36 

1 26 


1 22 96} 

1 08} 86} 


1 10 

86} 


1 10 

88} 


1 48} 
1 27 


August... 


1 34 

99 


1 38 
1 19 


92 

' 86} 


88f 
831 


1 08 
89 


1 29 
1 01 


Septem'r. 


1 08 
97 


1 41 
1 19 


95} 
86} 


1 06} 

85 


89| 

85} 


1 18 
1 06 


October.. 


97 

92} 


1 43} 
1 30 


1 oil 

90} 


1 22 
1 04} 


88 

77 


1 14} 
1 06} 


Xovem'r 


94} 
90| 


1 32 

1 23J 


1 12 

1 01} 


1 21} 

1 10} 


85 
80 


1 14 
1 05} 


Deceni'r. 




1 30 
1 24} 


1 10} 

93} 


1 33} 

1 22 


84} 
81} 


1 11} 
1 06 



39. 



Highest and Lowest Prices of No. 2 Corn each month for 
six years.— Highest, .82%, July, 1882. Lowest, 29%. Jan., 1879. 





1882 


1881. 


1880 


1879. 


18T8. 
Per bu 


j 1877. 


Per bu. 


Per bu. 


Per bu. 


Per bu. 


Per bu. 


January. 


62f 
60£ 


37| 

36 


40f 

351 


3H 

291 


43£ 

381 


44} 
42 


Februa'y 


60J 
54 


37| 
35J 


371 
35} 


34J 
31f 


43} 

38 


43 

40f 


March . . 


66i 
57| 


39} 
37| 


36|- 


34f 

311 


43| 
41 


41| 
37| 


April. ... 


77| 


44 
38f 


37J 
31} 


34| 

30J 


42| 
37} 


58 
381 


May . . . 


77| 

68J 


45 

41} 


38f 
36i 


36} 
33J 


41 

34f 


57f 

431 


June- . . . 


75} 
68| 


48 
41} 


371 
33f 


37 

35} 


37J 
35 


47| 
> 42} 


July ... 


74f 


50} 
45 


37f 
33i 


371 
341 


41 
351 


49| 
46J 


August. . 


79| 
74} 


64| 

481 


411 
35} 


341 
311 


39f 

371 


481 
41 


Septem'r. 


74J 
57 i 


73} 
60} 


41 
3*9} 


38} 
32£ 


37} 
34| 


46J 
41} 


October . 


72| 
59 


76f 
59| 


401 
38| 


49 
36 


35 

33} 


45| 

411 


Novem'r 


72 
64 


63} 
56J 


441 
39* 


43 
39 


34 

30| 


49 
42f 


Decemb'r 


59} 

48| 


62} 
58| 


42J 
35| 


43} 
39 


31} 

29| 


50 

41| 



40. 

Highest and Lowest Prices of No. 2 Oats each month for 
six years.— Highest, 90, June, 1867. Lowest, 18, Oct , 1878. 



1882 1881, 



Per bu. Per bu, 



January. 
Februa'y 
March 
April. ... 
May . . . 
Junei . . , 
July . . 
August. . 
Septem r. 
October . 
Novem'r 
December 



44J 
42j 

42| 
39| 

43J 
40 

52* 
44 

56* 

48 

56J 

46* 

6*2 

52 

59 
37 



30* 

36 
31* 

39 
33J 



31J 

30 

32 

28f 



28* 

36f 
30* 

39i 
36} 

39* 
35* 

45 
37 

39f 

m 

46} 
36 

47f 
44} 

46} 
41* 

47* 

43* 



1880 



Per bu 

35* 
32 

32* 
30* 

31* 

26 



25 

35 
29} 

32f 
23 

26} 
22f 

27* 
22* 

35 

27* 

33| 

28* 

33* 

27 

33* 
29* 



1879. 1878. ! 1877 



Per bu. Per bu.jPer bu. 



20* 
19* 

23* 
20 

25} 
21| 

24| 
21 

31 

24* 

35 

29* 

34 
25 

26 
21* 

27* 
21| 



26} 

34 
31} 

36* 
32| 



25 

23* 

25} 

22| 

23* 

27} 

22} 

26* 

22* 

24* 

22* 

27* 
23* 

24* 
20 

20* 
19 

19* 
18 

21 
19 

20* 
19* 



41. 



GJ-ZR^IIISr CROPS. 



Annual crop of "Wheat, Corn and Oats tor 
Fifteen years. 



YEARS. 



WHEAT. 




OATS. 



1868 
1869 
1870 
1871 
1872 
1873 
1874 
1875 
1876 
1877 
1878 
1879 
1880 
1881 
1882 



224,000,000; 

260,000,00o! 

235,000,000 i 

230,000,000 

250,000,000 

281,000,000 

308,000,000 

292.000,000 

289,000,000 

365,000,000 

420,000,000 

449,000,000 

498,000,000 

380,000,000 

510,000,000 



906,000,000 

875,000,000 

1,095,000,000 

991,000,000 

1,092,000,000 

932,000,000 

850,000,000 

1,321,000,000 

1,283,000,000 

1,342,000,000 



254,000,000 
288,000,000 

255,000,000 
271,000,000 
270,000,000 
240,000,000 
354,000,000 
320,000,000 
406,000,000 
1,385,000,000,413,000,000 
1,548,000,000!364,000,000 
1,717,000,000 418,000,000 
1,195,000,000 416,000,000 
1,685,000,0001470,000,000 



42. 



Production of wheat in the United 
States in 1882. 



New England States, 


- 


1 1 


million 


Middle Atlantic, " - 




35 


(i 


South 


- 


28 


cc 


Southern " 




8 


i< 


Central 


- 


3i 


u 


Ohio, 




45 


ii 


Indiana, 


- 


45 


it 


Illinois, - 




52 


a 


Iowa, 


- 


25 


a 


Missouri, - 




28 


a 


Kansas, 


- 


33 


a 


Nebraska, 




15 


a 


Michigan, 




33 


a 


Wisconsin, 




20 


a 


Minnesota, 


- 


37 


a 


Other States & Territories 66 


a 



Total, 502 



43 



Highest and Lowest prices of Mess Pork each month 


for six years. 




Il882 


1881. 11880. ! 1879 

1 i 


1878. 


1877. 




Per brl. P< r brl.'Per brl.jPer brl 


Per brl. 


Per brl. 


January. 


18 50 
16 60 


14 50 13 60 
12 20 12 15 


i 

1 9 57} 
7 27} 


11 35 
10 50 


17 95 
16 40 


Februa'y 


18 65 
16 60 


15 40 12 50 10 40 
13 25 ,11 00 j 9 40 


10 70 
10 00 


110 60 
14 25 


March . . 


17 30 
15 85 


15 67} 
14 25 


11 92} 10 25 

10 25 j 9 50 


10 25 
9 05 


14 80 
13 15 


April.. 


18 45 
17 15 


18 80 
15 50 


10 57} 10 50 
9 25-1 9 20 


9 40 
8 30 


16 75 
13 90 


May . 


19 85 
18 02} 


17 65 
15 60 


10 60 1 9 80 

9 75 i 9 25 

1 


8 65 
7 50 


16 00 
13 50 


June ... 


21 80 
19 25 


16 65 
16 00 


12 22£ 
10 05" 


10 05 
9 45 


9 50 
8 10 


13 85 
12 50 


July . . . 


22 30 
19 80 


18 50 
16 25 


16 05 
12 00 


9 87} 
8 40 


9 70 13 90 
9 ^0 12 90 


August... 


22 07} 
20 30 


18 25 
17 20 


17 12J 

15 50 


8 57*' 

7 77^ 


11 00 
9 10 


13 50 
12 00 


Septem'r. 


22 32} 
19 15 


19 95 
17 18 


18 25 
17 00 


9 80 

7 85 


9 42} 

8 82} 


13 75 
12 20 


October.. 


24 50 
20 25 


19 25 
16 15 


19 50 

18 00 


13 50 
9 75 


8 00 
6 75 I 

! 


15 00 
13 75 


Kovem'r 


19 37f 
16 72} 


17 20 
15 40 


14 50 
12 10 


11 50 
9 20 


8 40 
6 45 


15 25 

11 85 


Decem'rJ 

1 


17 60 ) 

16 85 


17 25 
16 00 


13 50 

10 90 


13 75 
11 75 


7 82} 

6 02} 

i 


12 05 
11 40 



44. 



Highest and Lowest Prices of Prime Steam Lard each month 
for six years. 





1882 


1881. 

100 lbs 


1880 

100 lbs 


1879. 
100 lbs 


1878. 1877. 


1 100 lbs 


100 lbs 


100 lbs 

11 55 

10 65 


January.?}* JJ* 


9 45 

8 37} 


7 75 
7 30 


6 45 
5 35 


7 40 
7 15 


Februa'v 


11 35 
10 27J 


10 30 
9 15 


7 42* 

6 85 


6 90 
6 32} 


7 37} 
7 10 


11 12* 
9 50 


March .. 


11 00 

10 00 


10 87* 
9 85" 


7 17} 
6 85 


6 72} 
6 30 


7 25 

6 80 


9 82J 

8 95 


April 


11 40 

10 97J 


11 52| 

10 45 


7 07} 
6 47} 


6 47} 
5 77} 


7 22} 

6 75 


10 25 
9 30 


May 


11 5^ 
11 17} 


11 30 
9 97} 


7 00 
6 30 


6 30 
5 90 


7 00 
6 37} 


9 87} 
9 17} 


Jane; 


12 32} 
11 10 


11 40 
11 47} 


7 00 
6 35 


6 25 

5 97} 


6 95 
6 37} 


9 30 
8 50 


July ... 


12 92} 
11 95 


13 00 
11 3J} 


7 50 
6 60 


6 12} 
5 60 


7 15 
6 70 


9 15 

8 45 


August. . 


12 55 

12 00 


11 70 
11 12} 


8 35 

7 20 


5 75 
5 30 


7 80 
7 05 


8 90 
8 10 


Septem'r. 


12 77£ 

11 15 


12 30 
11 30 


8 15 
7 75 


6 25 
5 47} 


6 92} 
6 20 


9 05 
8 35 


October . 


13 10 

11 52} 

6 


12 25 
11 35 


8 52} 
7 75 


6 90 
5 65 


6 35 

5 80 


8 87} 
8 15 


Novem'r 


12 00 
10 50 


11 55 

10 72} 


8 80 
8 02} 


7 25 
6 12} 


5 87} 
5 67} 


8 12} 
7 72} 


December 


10 75 

10 22} 


11 22} 

10 75 

i 


8 65 
8 20 


7 75 

6 85 


5 65 
5 32} 


7 97} 
7 55 



45. 



Annual range of prices of the articles 
named, for 15 years, 



1882 
1881 



90^@1 42—48H®-S2% 



PORK. 



LARD. 



95^—1 41— 35& 76% 12 20 19 05 

86K-1 o2%'61K &H- 9 25 1^ CO 



16 60— @24 50 10 U)-@13 10 
8 37^-13 00— 
6 30 S 8 



OATS. 

3^@6:— 

-8^-47.^ 
25 Sb}4 



1879 813^—1 33^ 29% i9- 6 00 13 75 ; 5 3C 8 10— 19K— c6& 

I \ I 

1>7S F1M— 1 1 - 29JS iZ% 6 TO n 85 1 5 30 7 80-13 XX 

1877 1 01 1 77- 37% 50-11 40 17 95 7 55 — 11 5- 

1876 | 83 1 26X,38£ 53 & 15 10 22 75 9 5" 13 So- 
il 8 14 37K29M— 6iK 

8 20 15 50-37^-59— 



1875; 83K— 1 30^ 45K 76>< 17 70 23 50 

i i i 

1874 SIX— 1 28— 49 8H— !l3 7 24 ' 



' 



I 



22 4&% 

27 35- 



1873 89 1 46-" 7 47—11 00 18 CO 6 K 9 37^ 23 40^ 



1872 1 01 1 61— 29X 48% 11 05 16 00 7 11 CO— 2 %— 43M 



! 



1871 99^—1 32— px L6X 12 00 23 00 8 37^—13 00- ! 27 51^ 

32^-53- 
1869 76X-1 47— '44 97# 27 CO 34 CO 16 25 20 75- 35^-71- 

i I i 

1868 1 04^—2 20- 52 1 C2x'l9 62 30 00 11 75 19 50- 41%-74- 



1870 73M— J 31 X 45 49 X 18 00 30 50 11 00 17 25— 

I I I 



THE CORN BELT. 

Crops in principal corn growing States for three 
years. 



STATES. 


1882 1881 


1880 


Ohio, 


82,000,000 


79,750,000 


119,940,000 


Mich. 


30,000,000 


25,068,000 


34,800,000 


Indiana. 


99,000,000 


79,600,000 


99,250,000 


Illinois. 


209,000,000 


176,700,000 


240,450,000 


Wiscon. 


32,000,000 


29,040,000 


33,750,000 


Minn. 


21,000,000 


16,250,000 


15,500,000 


Iowa. 


186,000,000 


178,280,000 


260,192,000 


Missouri 


184,000,000 


93,060,000 


160,460,000 


Kansas. 


151,000,000 


76,370,000 


106,200,000 


Nebras. 


81,000,000 


58,900,000 


59,500.000 



NEW YORK STOCKS. 



m 



t 1882 , 

High- Low- 
est, est. 

Adams Express .. 149 135 

American Express 96} 90 

American Tel. and Cable 73} 65 

A , Topeka and S. Fe 95} 84 

Bank, and Merch. Tel 132 125 

B. & N. Y. AirL. pf. 80£ 60 

Bur. & Cedar R. & N 85 1 67 

Cameron Coal . 37} 18 

Central Arizona. . . .... If } 

Canada Southern 72-J 44 

Cedar Falls & Minn 30 14 

Central Iowa. . 37} 27 

Cen. of New Jersey 97J 63} 

Central Pacific 974 82f 

Chesapeake and Ohio 27 19} 

Ches. and Ohio 1st pf .41} 27} 

Ches. and Ohio 2d pf. 29 21 

Chic, and Alton 145£ 127f 

Chicago, Bur. & Qv.. 141 120} 

Chicago, Mil. and St. Paul.. , 128} 96} 

C, M. and St. P. pf . 144} 144} 

Chic, and Northwest 150J 124 

C. and Northwest pf 175 127 

Chic, E. I. and Pac 140} 124| 

Chic, St. L. and N. 84 68 

C, St. P., M. and Om 58} 29} 

C., St. P., M. and O pf. 117 98 

Cin., San. and Cleve _. 62 44 

C , Col., Cin. and Ind 92} 65} 

Clev. and Pitts., guar 140 133 

Col. and Green, pf 104 50 

Consol. Coal ; 36J- 27} 

Col. andl. C .... 21| Si 

Col. Coal 53| 25 



48. 



, 1882 , 

High- Low- 
est, est. 

C, H., Val. and Tol . .. v ... 68 66 

Del., Lack, and West 150} 116} 

Del. and Hudson 119J 102f 

Den. and Eio Grand 74| 38} 

Deadwood . 6f 4 

Dub. and Sioux Citv , . 96£ 8*2 

E. Tenn., Va. and Ga 16 8J 

E. Tenn., Va. and Ga. pf 26J 15| 

Evans, and T. Haute ... 86| 68 

Excelsior Mining 2| | 

Ft. W. and D. City 42f 29£ 

G. Bay. Win. and St. P 16 6 

Han. and St. Joseph . 110 45 

Han. and St. Jo. pref 111} 72 

Home-take 19| 1 5f 

Hous. and Tex. Cent 90 61 

Illinois Central 150J 127| 

Ind., Blm. and West 49 i 30 

Lake Erie and West 45 23 J 

Lake Shore 120J 98 

Little Pitts 2} 1£ 

Long Island 65 49J 

Louisville and Nash 100| 46% 

Louv., N. Alb. and Chic 78 57 

Manhattan 60£ 40 

Manhattan 1st pref 98 83 

Manhattan com. . 56 46 

Manhattan Beach Co .. ..... . 37 15 

Maryland Coal 26 13 

Mariposa .. 2} 

Memphis and Char 64 

Metropolitan Ele 93 

Michigan Central 105 

Mil., L. S. and W.. 26} 

■ Mil., L. S. and W. pf 58} 

Min. and S. Louis , 36| 

Min. and S. Louis, pf ... 77 



49. 



, 1882 , 

High- Low- 
est, est. 



Miss., Kan. and Tex 42| 26J 

Missouri Pacific 112J 86f 

Mobile and Ohio 35f 15 

Morris and Essex 127| 119J 

Mutual Union Tel 30} 19J 

X., That, and St. L 87£ 47 

X. Y. Cent, and Hud ... 138 123| 

X. Y. Chic, and St. L 17| 10J 

X. Y. Chic, and St. L. pf 37J 27 

X. Y. Elevated 109^ 100 

Xew Central Coal *23 13J 

X. Y., L. E. and W 43J 33} 

X. Y., L. E. and W. pf 88} 67 

X. Y. and Xew England 60^ 45 

X. Y. N. H. andH 186 168 

X. Y., Ont. and West 31£ 20J 

Norfolk and Western, 24 16 

Norfolk and Western, pf. ...... 24 44} 

Northern Pacific 54|" 29f 

Northern Pacific, pf 100J 66| 

Ohio Central 25f 11| 

Ohio and Mississippi 42 27 

Ohio Southern , 23J 11 

Oregon and Trans. C 98f 61 

Oregon R. and Nav 163J 128 

Ontario Mining 40 35 

Peoria, Dec. and Ev 39^ 23 

Pacific Mail 48 J 32f 

Pennsylvania Coal 245 240 

Phila/and Heading 67J 46f 

Pitts., Ft. W. and Ch 139 130 

Pullman Car 145 117 

Quicksilver 14} 8} 

Quicksilver, pf 62J 40 

Kens, and Saratoga , 144 " 131J 

Rich, and Al. s. t. c 40 13 

Rich, and Danville 250 52 



50. 



Kich and W. Point. . 

Robinson Mine 

Hoch. and Pittsburgh . 
Kome, W. and Og. ... 
Standard Mine , . . c .... 

Silver Cliff ... 

St. L., A. and T. H ... 
St. L., A. and T. H. pf 

St. L. and S. F 

St. L. andSF. pf 

St. L.& S.F.I stpf 
St. Paul and Duluth . . 
St. Paul and Duluth, pf 
St. P., Min. and Man. . 

Stormont Mine 

Sutro 

Texas and Pacific. 
Tol., Del. and Bur 
United States Ex . 
Union Pacific 
Wab., St. L. and P. 
Wab., St. L. and P. pf 
West. Union Tel . . 
Wells-Fargo Ex. . . . 



, IS 

High- 


02 i 

Low- 


est. 


est. 


26H 


23 


4 


1 


36 J 


■17J 


40 


20 


19J 


4 


2f 


2 


50 


20} 


94£ 


55 


46| 


31 


66i 


43 


106 


80 


42f 


26 


99} 


68 


166£ 


108^ 


1* 


1* 


1 


* 


. 54£ 


34 


19 


8£ 


80 


63 


119f 


98} 


m 


23f 


71* 


45 8 - 


93* 


76i 


131 


126 



51. 



Statement of account " as generally 
shqrwn in ordinary speculations. 



DEBIT. 


CREDIT. 


6250.00. 


6125.00. 


300.00. 


75.00. 


150.00. 


50.00. 


225.00. 


50.00. 


375.00. 


100.00. 




150.00. 




25.00. 




18.75- 




62.50. 




37.50. 




100.00. 




50.00. 




12.50. 


81300.00 


6856.25. 



Result. — Five losses and thirteen 
profits, but nettloss $44375. 



" Statement of account" as shown if 
operator adheres to Rules in this book. 



DEBIT. 


CREDIT. 


$25.00. 


$150.00. 


25.00. 


275.00. 


18.75- 


100.00. 


25.00. 


150.00. 


3125. 


75.00. 


25.00. 




25.00. 




25.00. 




18.75. 




31.25. 




18.75. 




25.00. 




25.00. 




25.00. 




25.00. 




31.25. 





$400.00. §750.00. 

Result. — Sixteen losses and five 
profits, but nett profits $350.00. 



53. 



MEMOKANDUM. 



54. 



MEMORANDUM. 



55. 



MEMORANDUM. 



56. 



MEMORANDUM. 



57. 



MEMORANDUM. 



58. 



i)'i 



MEMOKANDUM. 



3T 

^ 



LBJ e '32